My visit to Pakistan began last week at the enormous Tarbela dam. Straddling the Indus River, this earth- and rock-filled structure is almost 500 feet high and 9,000 feet wide. It is a monument to Pakistan's scientific and engineering ability. It also illustrates the opportunities and challenges facing Pakistan.
I was last in Pakistan in 2011 and I can see that big changes have happened since then.
The country has worked through three tough years that brought improvements in security and a more stable economy. Much of the economic growth has benefited poor people and Pakistan's levels of inequality compare favourably to many middle-income countries.
Speaking to leaders in government, political parties, civil society, the private sector and various thought leaders, I sensed an optimism that the country had found its footing and is moving up the ladder of development.
This optimism is good news. But optimism needs to be supported by actions. Pakistan can move to a higher level of economic growth that reaches all parts of society, including the most marginalised, and thus fulfilling the dreams of a better life for all.
Three opportunities and challenges for Pakistan
In my discussions with the government in Pakistan we focused on three areas of opportunity and challenge: the first is higher growth and jobs. The government wants annual economic growth of 6 to 7 per cent compared to 4.7 per cent achieved in fiscal year 2016. But this will only happen if investment doubles to 30 per cent of Gross Domestic Product (GDP). Investments in energy, such as Tarbela, to end constant power cuts, as well as improvements in the business environment, so that companies hire more people, will be critical to success. A more favorable environment for private investment would open up opportunities for women, youth, and the underserved.